Analog Devices reinstates buyback, boosts authorization by $2B
Analog Devices announced that it has reinstated its share repurchase program, and that its Board of Directors has authorized the Company to repurchase an additional $2B of its common stock. Vincent Roche, President and CEO, said "Today's announcement reflects our confidence in ADI's strong performance and the successful execution of our strategy. I am pleased that we have achieved our 2x leverage ratio goal ahead of plan, allowing us to enhance our capital returns to shareholders through both our quarterly dividend and share repurchases." "Our goal is to continue delivering broad revenue growth and generate strong cash flow to enable us to invest in the business, grow our capital returns, and deliver shareholder value for years to come." Analog Devices commenced its common stock repurchase program in fiscal year 2004, and since then the Company has repurchased a total of approximately $5.4 billion of its common stock. Under the program, the Company may repurchase outstanding shares of its common stock from time to time on the open market or through privately negotiated transactions. ADI management will determine the timing and amount of shares repurchased.